November canola is up $4.90/mt, December soybean oil is up .48 cents/pound, November European rapeseed is down .75 euro/mt and September Malaysian palm oil is down 1.76%. December oats are up 4 1/4 cents/bushel while November European corn is up 5.25 euros/mt. August crude oil is down $.74/barrel, August ULSD is down $.0380/gallon, and the September Canadian dollar is up .00125 at .70920. The September U.S. Dollar Index is down .071 at 100.615 and the August Brazilian real is up .00055 at 0.19495.

Grain and oilseeds are experiencing an uncharacteristically strong session prior to the release of the July WASDE update. Wheat is leading the way with gains of $.27/bushel, taking the 2-day total to nearly $.45/bushel (from Thursday's low). It's worth noting that the move does very clearly negate the outside reversal lower that was left on Wednesday (as suggested previously). Reports that Russia is threatening to weaponize wheat exports in retaliation over increased Ukraine attacks by closing off channel access are behind the rally. Most had expected an escalation by Russia, but threatening to cut off 20 mmt of wheat exports was never considered, openly anyway.

With that coinciding with generally threatening weather impacting global corn production, Chicago corn has already posted an outside day higher (if it can remain above Thursday's close by Friday's settle). European corn has also jumped on the news, looking like traders do want to take out Wednesday's contract high eventually (as previously suggested).

Oilseed markets are higher going into the WASDE update as well despite weakness in energy markets. Trump did confirm that talks with Iran are ongoing but still claims the ceasefire is over. Unless the U.S. blockade is reinstated, traders will consider it all rhetoric at this point, expecting oil to continue to flow (slowly compared to pre-war, but flow).

Outside markets are generally quiet as traders appear to be reluctant to commit too much ahead of the weekend amid the ongoing uncertainty. Bonds are quietly lower while stocks have risen slightly from overnight levels. The U.S. dollar is quietly lower awaiting further developments.

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